The Japanese branch of BitFlyer Holdings dealing with blockchain technology has created a new application that is used to vote during virtual shareholders meetings.
bVote – virtual voting for shareholders
As announced by bitFlyer Blockchain, the new application – called bVote – aims to enable Japanese corporations to conduct general shareholders’ meetings without having to be physically present.
According to bitFlyer, the application will prevent fraud and voting during manipulation and will require users to scan their “My Number” card (similar to the Social Security Number in the United States) for identification.
The company will try the technology it has created at its own shareholders’ meeting on June 26.
Using blockchain to prevent manipulation during voting
According to Yuzo Kano, CEO of BitFlyer Blockchain, it is not possible to organize a reliable and fair virtual shareholders’ meeting without using Blockchain technology.
Kano said shareholders must be able to vote while ensuring that “there is no manipulation of the votes and aggregation.”
A fair assembly also requires the possibility of ensuring that power of attorney forms are not manipulated in a general way or by a third party.
“It is not possible to change the records on the blockchain and anyone interested can check them at any time. Thanks to the blockchain network, you can also see how power of attorney forms were performed in the past. Because the same electronic signatures are used every time, if someone uses a new one, it will become obvious. “
– said CEO of BitFlyer
Regarding the transparency of the voting process, Kano said: “since all voting results are saved, we can always go back and check them later if there is any manipulation.”
The company has not yet received any specific inquiries regarding bVote, but Kano expects that the demand for the application will grow as people’s lifestyle changes and the widespread adoption of remote work.
On June 8, Coincheck, Japanese rival BitFlyer announced that it was also considering providing similar services to corporations. Coincheck, like BitFlyer, intends to use blockchain technology to reduce the risk of voice manipulation. Details of the project have not yet been disclosed.